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Steve Navra - Economics References Committee 2015-08-06

Discussion in 'Living Room' started by Chai Walla, 21st Nov, 2015.

  1. Chai Walla

    Chai Walla Member

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    Last edited: 21st Nov, 2015
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  2. Mombius Hibachi

    Mombius Hibachi Well-Known Member

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    I was at that hearing. It had nothing to do with Navra Financial Services or Steve. The hearing was in relation to Great Southern, Timbercorp and the banks' treatment of borrowers.

    Some of Steve's clients did make statements, but it was primarily in relation to their treatment by Bendigo Bank after everything went to hell. The only reason they were there in the first place was because Sandbach Roberts, who are representing former Navra clients in dealing with Bendigo Bank, were invited to speak at the hearing and asked for people who wanted to have their say at the hearing to attend with them (SB).
     
  3. willair

    willair Well-Known Member Premium Member

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    Thanks for the link,interesting reading..
    quote..
    CHAIR: Correct me if I am wrong. On many different occasions between 2001 and 2009 representatives from Great Southern would meet with representatives from Bendigo and Adelaide Bank. They would pitch to you—in some way, shape or form—and say, 'This is a proposal we want people to invest in,' and you said, 'Yes, we are prepared to provide money to individuals who choose to invest in that, but our liability is with the individual, it is not with you.'..
     
  4. geoffw

    geoffw Moderator Staff Member

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    There were a number of witnesses who testified to a very close relationship between those entities, and about the inappropriate advice given.
     
  5. Simon Hampel

    Simon Hampel Founder Staff Member

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    Thanks for posting that @Chai Walla ... it is very sobering reading and quite depressing when you understand the extent to which some of these people have been let down by our financial and legal system time and time again.
     
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  6. geoffw

    geoffw Moderator Staff Member

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    From SMH:
    There's another article from the Australian which I can't clip from- Google Navra bankrupt.
     
  7. Redwing

    Redwing Well-Known Member

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    Brings up a few PDF story submissions re Navra from Home – Parliament of Australia also
     
  8. See Change

    See Change Timing Lord Premium Member

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    I asked lots of question when he was promoting his program on th forum

    I have one question now

    WTF is he still out there giving financial advice ....?

    Cliff
     
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  9. geoffw

    geoffw Moderator Staff Member

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    I believe that technically, he is providing financial education rather than financial advice.

    I don't know if he is still bankrupt- from the linked article in the first post (dated August this year):
    There has been a lot said about him in this document, not much of it is very flattering.
     
  10. Tony Fleming

    Tony Fleming Well-Known Member Business Member

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    Is there a difference though. Ridiculous he can still be in any form of business
     
  11. Simon Hampel

    Simon Hampel Founder Staff Member

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    He uses his wife's name on everything.
     
  12. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    There are no restrictions on giving property advice. Even a person currently bankrupt could set up shop advising on property as it is unregulated. There are regulations for those involved in selling property, but not 'advising'.
     
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  13. Tony Fleming

    Tony Fleming Well-Known Member Business Member

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    I can't even get my wife to cook me a decent meal let alone sign off on my dodgy business deals :p
     
  14. Tony Fleming

    Tony Fleming Well-Known Member Business Member

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    I can imagine if your just advising you'd still have clients asking to help find and select a property. Feel sorry for the people you hear hat end up ripped off by these people
     
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  15. geoffw

    geoffw Moderator Staff Member

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    In his personal website, an entry on real estate investment from January this year suggests cashbonds as a technique.

    Just. Wow.
     
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  16. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Pity it doesn't work!
     
  17. See Change

    See Change Timing Lord Premium Member

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    I would have more respect for him if he said , I got things wrong last time , I've learnt from my mistakes and this is now I think things should be done , but recycling .....

    I'd have more respect if he stuck to shares .

    Cliff
     
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  18. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    shares are a financial product and he would need to be licenced to do this. Obtaining a licence would not be possible for a former or current bankrupt.
     
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  19. RM1827

    RM1827 Well-Known Member

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    He was the leader figure of an investment seminar from one of those "investment groups" two years ago... not sure if still working with them...

    image.png
     
  20. geoffw

    geoffw Moderator Staff Member

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